2010 (1) TMI 1234

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....d in law in deleting the addition of Rs. 56,00,000/- made by the Assessing Officer u/s 68 of the IT Act being the unexplained credit on account of share application money and share premium money. 3. The Ld CIT(A) did not appreciate the fact that the assessee had failed to discharge the onus of proving the source and creditworthiness of the creditors/share applicants. 3. Brief facts of the case are that during this year, the Assessing Officer has made addition of Rs. 80.85 lakhs on account of share capital received during this year. It has been noted by the Assessing Officer in the assessment order that the assessee has received fresh share application of Rs. 80.85 lakhs at a premium of Rs. 490/-m per share. This addition was made by the ....

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..... 490/- and hence this aspect should be restored back to the file of the Ld CIT(A) for afresh decision after examining this aspect. Regarding judgment of Hon&#39;ble Apex Court rendered in the case of Lovely Exports (Pvt) Ltd. as reported in 261 CTR 19, it was submitted that this judgment is not applicable in the present case because the facts are different. It was submitted that in the case of Lovely Exports (supra)< it was not the case of the revenue that the assessee company has received high amount of hare premium which could not be justified on the basis of balance sheet and future prospect of the assessee company. 5. As against this, Ld AR of the assessee supported the order of the Ld CIT(A) and reliance was placed on the judgment o....